In March 2018, Prudential Assurance (now M&G) had its plans to sell its annuity book to Rothesay Life quashed by the High Court citing further sales may impact on competition in the annuity market.
In response, Prudential went to the Court of Appeal in 2019 who subsequently over ruled the High Court, passing it back to the High Court for further consideration as the Court of Appeal considered there would not be any disparity.
Rothesay Life specialises in looking after clients that have retired on annuities. Competition should not be affected.
Today, the High Court reversed its decision and has given the go-ahead to the sale.
Prudential appears to be gradually moving away from the UK market as it establishes itself in the Far East. Rothesay Life specialise in annuity clients, so we see no harm to client choice in retirement.